Fitch Takes Ratings Actions on FMAC Franchise Loan Trusts.CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken ratings actions on the following issues for FMAC FMAC Find, Meet, Attract, Close FMAC Financial and Management Accounting Committee FMAC Fédération Mondiale des Anciens Combattants (French: World Veterans Federation) FMAC FEMA Map Assistance Center FMAC FPGA Mission Assurance Center Loan Receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed Trust: FMAC Loan Receivables Trust, series 1996-A: -- Class A-1 IO affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'AAA'; -- Class A-2 IO affirmed at 'AAA'; -- Class A-1 affirmed at 'AAA'; -- Class A-2 affirmed at 'AAA'; -- Class B-1 remains at 'C'; -- Class B-2 remains at 'C'; -- Class C-1 remains at 'D'; -- Class C-2 remains at 'D'. (a) Classes A-1 and A-2 affirmations are based on the strength of an MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association insurance policy. FMAC Loan Receivables Trust, series 1996-B: -- Class A-X A-X Ajax, Ontario remains at 'D'; -- Class A-1 remains at 'D'; -- Class A-2 remains at 'D'; -- Class B remains at 'D'; -- Class C remains at 'D'; -- Class D remains at 'D'; -- Class E remains at 'D'. FMAC Loan Receivables Trust, series 1997-A: -- Class A-X affirmed at 'AA'; -- Class A affirmed at 'AA'; -- Class B affirmed at 'A'; -- Class C affirmed at 'BBB'; -- Class D downgraded to 'C' from 'B'; -- Class E remains at 'C'; -- Class F remains at 'D'. FMAC Loan Receivables Trust, series 1997-B: -- Class A-X affirmed at 'B'; -- Class A affirmed at 'B'; -- Class B downgraded to 'C' from 'CC'; -- Class C remains at 'D'; -- Class D remains at 'D'; -- Class E remains at 'D'; -- Class F remains at 'D'. FMAC Loan Receivables Trust, series 1997-C: -- Class A-X affirmed at 'BBB'; -- Class A affirmed at 'BBB'; -- Class B downgraded to 'C' from 'CCC'; -- Class C remains at 'C'; -- Class D remains at 'D'; -- Class E remains at 'D'; -- Class F remains at 'D'. FMAC Loan Receivables Trust, series 1998-A: -- Class A-X downgraded to 'C' from 'BB'; -- Class A-2 downgraded to 'C' from 'BB'; -- Class A-3 downgraded to 'C' from 'BB'; -- Class B downgraded to 'C' from 'CCC'; -- Class C remains at 'C'; -- Class D remains at 'D'; -- Class E remains at 'D'; -- Class F remains at 'D'. FMAC Loan Receivables Trust, series 1998-B: -- Class A-X downgraded to 'C' from 'B'; -- Class A-2 downgraded to 'C' from 'B'; -- Class B downgraded to 'C' from 'CC'; -- Class C remains at 'C'; -- Class D remains at 'D'; -- Class E remains at 'D'; -- Class F remains at 'D'. FMAC Loan Receivables Trust, series 1998-C: -- Class A-X downgraded to 'BB' from 'AA'; -- Class A-2 downgraded to 'BB' from 'A'; -- Class A-3 downgraded to 'BB' from 'A'; -- Class B downgraded to 'B-' from 'BB'; -- Class C downgraded to 'C' from 'B'; -- Class D downgraded to 'C' from 'CCC'; -- Class E downgraded to 'C' from 'CC'; -- Class F remains at 'D'. FMAC Loan Receivables Trust, series 1998-D: -- Class A-2 affirmed at 'AAA'; -- Class A-3 affirmed at 'AAA'; (a) Both affirmations are based on the strength of an MBIA insurance policy. The negative rating actions reflect additional reductions in Fitch's expected credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing that will be available to support each class in these transactions. Fitch's analysis incorporated stressed recovery rates on currently defaulted collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although . |
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